Benchmark equity indices hit record highs after a muted start on Thursday. Nifty almost touched the 20,000 mark and Sensex setted above 67,500. The Indian rupee ended 10 paise higher. Global markets were mixed today as optimism that central banks may soon put an end to their series of interest rate hikes was offset by concerns about China's economy.
Stock Market Close: Indices end at record high; Sensex tops 67,500, Nifty nears 20,000
Sensex jumped 474.46 points to settle at fresh all-time high of 67,571.90, while Nifty ended at its record peak of 19,979.15. Kotak Bank, ITC, Dr Reddy's were the top gainers, while Infosys, UltraTech Cement lagged. FMCG, bank and pharma indices were the lead gainers among sectors.
Stock Market Live: South Indian Bank Q1 net profit up 75.5% at ₹202 crore; NII up 33.9% at ₹807 crore
SOUTH INDIAN BANK
Stock Market Live: Ashok Leyland Q1FY24 preview by Shreyansh Shah, Research Analyst, Stoxbox
“We expect Ashok Leyland to post a tepid sequential growth this quarter on the back of the implementation of BS- VI phase 2 norms and the high base effect of last quarter. In the quarter gone by, the bus segment continued to outpace the M&HCV segment as seen in the preceding quarter as well. On the margin front, we expect higher realization benefits on account of lower discounts and price hikes along with softening raw material prices leading to an annual EBITDA growth in low double-digits in Q1FY24."
Stock Market Live: ICICI Bank, ITC, Kotak Bank biggest contributor to the rally on Sensex
Stock Market Live: ITC hit fresh 52-week high intraday; mcap tops ₹6 lakh crore mark
Stock Market Live: Sensex at day's high, gains 450 points to hit record 67,550
Stock Market Live: Havells Q1 net profit up 18% at ₹287 crore
The manufacturer of electrical goods and appliances reported an 18% increase in its consolidated net profit for the first quarter ending June to ₹287 crore. Total income rose to ₹4,899 crore, up from ₹4,292 crore.
Stock Market Live: JSW Steel Q1FY24 preview by Shreyansh Shah, Research Analyst, Stoxbox
“In Q1FY24 production update, JSW Steel has posted a 2% decline in consolidated crude steel production. We expect the company to report a low double-digit sequential decline in revenue on the back of lower volumes and price cuts during the quarter. The operating performance is also expected to be impacted significantly due to lower realizations and the absorption of high-cost coking coal inventory. We would closely watch management commentary for any signs of moderation in its full-year guidance, demand outlook, the progress on the capital expenditure front and some colour on plans to reduce debt going forward."
Stock Market Live: Nifty Bank hits record high; Kotak Bank, ICICI Bank lead
Stock Market Live: Shree Cement board to meet on 26 July to consider fundraising up to ₹1,000 crore
Share Market Live: Nifty IT index down nearly 1% dragged by LTTS, Infosys, Persistent
Share Market Live: Top 5 stocks with consistently rising operating margins-- HDFC Bank, Bajaj Finance, Titan, Tata Motors, M&M
Investors highly value stocks with consistently rising operating margins. These stocks have the ability to generate consistent profits thereby creating value for shareholders. (Read here)
Share Market Live: After tepid start, Nifty hits record high of 19,880
Share Market Live: Indices hit record highs; Sensex tops 67,200, Nifty above 19,850
Share Market Live: SJVN arm signs power purchase agreements for 300 MW renewable projects worth ₹1,950 cr; shares up 1.5%
Share Market Live: Nifty FMCG top gainers among sectoral indices with ITC, Emami, Marico gaining 1.5-2%
Stock Market Live: Sensex flat in mid-session amid volatile trade; ITC, Sun Pharma top gainers; Infosys, UltraTech Cement lag
Stock Market Live: Gaurav Jani – Research Analyst, Prabhudas Lilladher on Can Fin Homes
Earnings beat led by higher NII/NIM and lower provisions; miss on asset quality
--NII was a beat at Rs2.85bn (PLe Rs2.67bn) as NIM surprised positively at 3.80% (PLe 3.56%)
--Yield improvement outpaced funding cost rise leading to 21bps QoQ NIM increase
--Loan growth came in exactly as expected at 18% YoY to Rs325bn
--Disbursals were a bit lower Rs19.7bn (PLe Rs20.3bn) that was offset by softer repayments at Rs10.24bn (PLe Rs11.05bn)
--Other income was a miss at Rs60mn (PLe Rs85mn) due to lower fee income although opex was in-line at Rs435mn (PLe Rs429mn)
--PPoP at Rs2.48bn was 6.3% higher to PLe led by higher NII
--Asset quality deteriorated as GNPA/NNPA rose by 8bps each QoQ to 0.63%/0.34% while PCR dipped QoQ to 46.6% from 52.3%
--However, provisions were lower Rs137mn (PLe Rs200mn).
--PAT was a beat at Rs1.84bn (PLe Rs1.6bn) driven by stronger NII and lower provisions
--At CMP, the stock trades at 2.2x FY25E ABV.
Stock Market Live: Yes Securities maintains BUY on Indusind Bank post results
(1) Management was not bullish with regard to NIM guidance given factors at play that cancel each other out. (2) There was a sequential decline in slippages and credit cost is approaching their FY24 guidance. (3) Management stated that microfinance business was sluggish due to transient factors. (4) Management guided for an improvement in cost to income ratio next year in FY25. (5) We maintain ‘Buy’ rating on IIB with a revised price target of ₹1705.
Stock Market Live: L&T Tech's FY24 revenue growth target looks ambitious
Shares of L&T Technology Services slipped 1.6% as investors were disappointed with the mid-cap IT company's June quarter (Q1FY24) earnings performance. Much like its peers, a delay in decision-making and seasonal impact on its Smart World and Communication (SWC) segment were key factors that weighed on LTTS' Q1 revenues. In a post-earnings discussion, LTTS management said that there has been an improved decision-making trajectory in June and July, instilling confidence in potential growth acceleration from Q2FY24. (Read more)
Stock Market Live: Dr Reddy's Labs up 3%; gets no observation from US FDA for its API production plant in Srikakulam.
DR REDDYS LABORATORIES
Stock Market Live: BSE smallcap outperforms, up 0.4% led by Newgen, Bajaj Hindusthan
Stock Market Live: Krsnaa Diagnostics slumps 10% after National Health Mission of Rajasthan cancels contract
The company said the National Health Mission of Rajasthan has withdrawn the letter of acceptance issued for the provision of laboratory services across the state. This service was intended as part of a free diagnostics initiative, employing a hub and spoke model. The company said the cancellation occurred due to a demand for additional performance security, which was not met due to disagreements rooted in certain technicalities.
Stock Market Live: RIL begins trading at ex-Jio Fin price after settling at ₹2,589 per share in special session
Stock Market Live: Shree Cement share price declines over 2% as government orders inspection
Stock Market Live: Jio Financial Services share price lists at ₹273 per share on NSE
Jio Financial Services share listed on the National Stock Exchange at ₹273 per share. This calculation came after Reliance share price settling on NSE at ₹2,580 per share in special pre-open session on Thursday as the RIL stock had ended at ₹2853 apiece on NSE
Stock Market Live: Nifty slips below 19,800 dragged by Reloance, Infosys; Dr Reddy's, SBI gain
Stock Market Live: Views by VK Vijayakumar, chief investment strategist, Geojit Financial Services
"Even when the market is scaling new highs and the undercurrent is positive, there are strong views that the current high valuations cannot be sustained for long. It is important to understand that the DIIs are not bullish about the market at the current elevated valuations. They were sellers in 12 out of the last 13 trading sessions and have cumulatively sold for ₹16321 crores and may sell more at higher levels. In January and February when the FIIs were selling DIIs were consistent buyers. The 3000 point rally in Nifty from the March lows has given DIIs huge profits and, therefore, profit booking would be a rational response. Selling and profit booking at high levels are easy decisions while buying at high prices can be risky.
The demerger of Jio Financial Services from RIL and the Q1 results of Infosys, HUL and a host of mid-cap IT companies can cause a lot of price action in the market today."
Stock Market Live: Sensex in the red at open; Nifty around 19,800
Stock Market Live: Sensex opens flat amid mixed global cues
Stock Market Live: Indices in flat at pre-open; Reliance, Dr Reddy's in focus
Stock Market Live: Reliance-Jio Financial demerger: RIL board announces acquisition cost distribution
In the lead-up to the demerger of Reliance Industries and Reliance Strategic Investments Limited, the RIL board has confirmed the acquisition costs of both Reliance and Jio Financial Services Ltd. It has been communicated to the Indian stock market exchanges that post-demerger, the acquisition cost for Reliance Industries Ltd will constitute 95.32% of the total, leaving the remaining 4.68% to Reliance Strategic Investments Limited.
Stock Market Live: TCS, HCL Technologies, 13 other stocks to trade ex-dividend today
Shares of Acknit Industries Ltd, John Cockerill India Ltd, Duncan Engineering Ltd, Fortis Healthcare Ltd, GPT Infraprojects Ltd, Graphite India Ltd, HCL Technologies Ltd, Kanco Tea & Industries Ltd, MRF Ltd, Natural Capsules Ltd, Novartis India Ltd, Oriental Carbon & Chemicals Ltd, Rossell India Ltd, Tata Consultancy Services Ltd, and Weizmann Ltd, among others will be on investors’ radar as they trade ex-dividend today.
Stock Market Live: Vedanta makes a fresh bid to sell steel biz ESL
Billionaire Anil Agarwal’s Vedanta Ltd is seeking to sell ESL Steel Ltd, formerly known as Electrosteel Steels Ltd, after acquiring the asset for ₹5,320 crore through a bankruptcy resolution process five years ago, two people familiar with the development told Mint. (Full report)
Stock Market Live: Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends three stocks to buy today — M&M, REC, and Indian Hotels.
Nifty Outlook: Nifty extended the gains further ahead with the strong run continuing making new highs each day closing above the 19,800 zone with bias maintained strong and as said earlier, further rise anticipated for our next target of 20,000 in the coming sessions. The overall sentiment has turned optimistic with majority of the frontline stocks along with the broader indices participating actively to pull the index to new heights. Immediate support for Nifty today is placed at 19,700 levels while the resistance is seen at 20,000 levels.
Bank Nifty: After the gap-up opening, witnessed sideways movement throughout the session resisting near 45,700 zone and would need a decisive breach above 45,900 levels with majority of the frontline banking stocks well placed and can pull the index to new heights with next target of 47,000 to 47,500 levels wide open. Bank Nifty would have the daily range of 45,300 to 46,000 levels.
Stock Market Live: Stocks to Watch: Vedanta, Dr Reddy's, Reliance, Federal Bank, Can Fin Homes are some companies in focus today
Hindustan Unilever, Infosys, Havells India, MphasiS, Dalmia Bharat, Persistent Systems, Coforge, Reliance Industrial Infrastructure, Goa Carbon, United Spirits, Union Bank of India are some of the companies that will declare their earnings today
Stock Market Live: Asian markets mixed on cautious trade after disappointing earnings
Asian markets are mixed in trade on Thursday as US stock futures dipped in early trading, largely influenced by the underwhelming performance reported by companies like Netflix and Tesla. Japan's equity market saw a decline, whereas those for Australia remained relatively stable.
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